Retailers Forum Oct. 2021 EMAG

FORUM WORKSHOP
forumworkshop
Until you reach that point when your sales revenues
carry the business, you’ll need working
capital – or seed money. You’ll need sufficient
money to cover the cost of start-up and to get
you to the point when the business begins to
pay for itself. The budget your accountant prepares
for your business plan should detail that
amount, as well as the point at which you can
expect positive cash flow – when sales revenues
meet or exceed expenses. The numbers
need to be so thorough that you can use them
as a tool for convincing others to invest in your
business, and for measuring performance
against expectations.
If you think this has been difficult so far, just
wait. The primary financial challenge to the
start-up retailer is one of funding. With your
plan in writing, you must now secure the financial
support that will allow you to cover your
store expenses this first year.
THE BUSINESS PLAN
To sum up, regardless of what form you
choose, there are certain items that should
be included in your business plan.
Consider the following as a guide
for what you should include:
The Business Plan
Store Name & Description:
Describe the company behind
your store, including business
form, partners, etc.
Mission Statement
The Market: An explanation of the product category
and trends that support this store concept,
including suppliers & current availability
of products in your area. Include the results of
any test marketing you’ve conducted.
continued...
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Page 44 OCTOBER 2021 | RETAILERS FORUM MAGAZINE